- Euro slides across the board, hits 3-day lows against the pound.
- EUR/GBP losses more than a hundred pips from day’s highs.
The EUR/GBP rose earlier today to the key 0.9060 resistance area but then reversed sharply, falling more than a hundred pips. It recently printed a fresh 3-day low at 0.8947. It remains under intense pressure testing a critical support area.
The move lower took place amid a stronger pound on European hours on the back of the latest Brexit rumors and more recently by a slide of the euro across the board. EUR/USD fell below 1.1500 and tumbled to 1.1457 in a few minutes while EUR/CHF erased most of yesterday’s gains and dropped more 50 pips from the high, pulling back under 1.1300.
EUR/GBP Levels to watch
To the downside, the immediate support is seen at 0.8940/50. It is a crucial support level and the lower bound of the trading range that has been in place since early December. A consolidation below would signal further losses and a test of 0.8900.
If the euro manages to hold on top of 0.8940/50, it could continue to trade in the consolidation range, turning slowly to the upside. Resistance levels from current price are seen at 0.8960, followed by 0.8985 and then 0.9005. The critical level continues to be 0.9060, tested earlier today. A daily close significantly on top, would clear the way to more gains in the medium term.
EUR/GBP
Overview:
Today Last Price: 0.8951
Today Daily change: -70 pips
Today Daily change %: -0.776%
Today Daily Open: 0.9021
Trends:
Previous Daily SMA20: 0.9001
Previous Daily SMA50: 0.8915
Previous Daily SMA100: 0.8903
Previous Daily SMA200: 0.8861
Levels:
Previous Daily High: 0.9061
Previous Daily Low: 0.9012
Previous Weekly High: 0.9119
Previous Weekly Low: 0.8927
Previous Monthly High: 0.9089
Previous Monthly Low: 0.8863
Previous Daily Fibonacci 38.2%: 0.9031
Previous Daily Fibonacci 61.8%: 0.9042
Previous Daily Pivot Point S1: 0.9002
Previous Daily Pivot Point S2: 0.8982
Previous Daily Pivot Point S3: 0.8953
Previous Daily Pivot Point R1: 0.9051
Previous Daily Pivot Point R2: 0.908
Previous Daily Pivot Point R3: 0.91
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD comes under pressure near 1.0630
Further gains in the Greenback encourage sellers to maintain their control over the risk complex, forcing EUR/USD to retreat further and revisit the 1.0630 region as the US session draws to a close.
GBP/USD stays firm amid BoE, Fed commentary and US data
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.